Banking software solutions

by Neha Sharma Digital marketing head

Banking industry consist of various finance products. All these products needs high security to make sure that all transactions are flawless. With the evolution of information technology, banking is no longer limited to an area, state, country – banking now is global with the help of various software in place. Banking software solution is basically an enterprise software and it’s used widely by banking industry to manage their various finance products and provide great service to their customers.

Banking software solution typically refers to the core banking while it comes to retail banks. Core banking software, an unique part of banking software solution, and all its interfaces allows them to connect to other modular software and to the interbank networks. However, within investment banking it’s the trading software that’s used mainly to access the capital markets.

Core Banking:

Banking Software solution was developed keeping in mind the overall banking operations – thus it’s not limited to any segment of banking industry. Commercial or retail banks are a major segment of banking industry and to support the segment, core banking is in place. Core banking is mainly used to maintain and record the transactions conducted by the customers through the individual bank accounts. With the presence of core banking, banking is no longer limited to a branch but one can access and do transaction through their bank account from any branch of the bank – a customer is no longer restricted to his/her home branch and it’s no longer mandatory to do transaction at the home branch. In addition, through core banking, the bank’s database can be connected to other online banking channels like ATMs, Internet Banking, payment networks and SMS based banking. Banking software solution is such a solution which is used by millions of users across hundreds or thousands of branches. So, it’s very much significant that with the increasing use of banking software solution, banking industry needs more investment to come up with the entire segment of banking automated with robust security in place.

Trading Software:

Investment banks typically use trading software to manage their trading desks and to maintain the client’s accounts. With trading software in place, investment banks can connect to financial market such as securities exchanges or third party providers of such as financial data vendors.Bloomberg and Reuters can be two great examples for this scenario. Through the Bloomberg Terminal, Bloomberg offers financial software, news, and Data Company that offers financial software tools such as analytics and equity trading platform to financial companies around the world. On the other hand, Reutersproducts specialize in financial information management, purchase order management, positions and risks, and financial instrument sales. For corporate treasury, improved workflow, central banking, bank treasury, Forex trading and global back-office operations, these types of companies provides solutions for control and overall productivity. Global back office operations also includes tasks related to IT departments that keep the phones and computers running (operations architecture), accounting, and human resources (customer relations) and sales and marketing where they come in contact with their customers. All these are actually controlled and managed by trading software which is a part of Banking software solution.

End of the day, with the help of Banking software solutions, as an end product, we enjoy efficient and proper management of transaction both in the front and back offices of the banking firms and other financial institutions.